Tag: lender

Pre-qualification loans mortgage terminology definition

Pre-qualification: A borrower can give all of their financial and credit information to a lender. This lender will use this information to inform the borrower about what type of loans they qualify for and how much of a monthly payment they can afford base

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Prepayment Penalty loans mortgage terminology definition

Prepayment Penalty: The fee paid to a lender if you pay off your mortgage loan before a certain amount of time has gone by. This penalty may or may not be written into a mortgage loan agreement. It is designed to deter the borrower from refinancing the lo

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Origination Fee loans mortgage terminology definition

Origination Fee: The fee the lender charges the borrower for the services required to create a mortgage loan agreement. This usually includes underwriter costs, legal fees, and other fees associated with originating the mortgage loan.

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Notice of Default loans mortgage terminology definition

Notice of Default: If a borrower goes into default, the mortgage lender will send the borrower this notice informing them that the mortgage contract agreement has been broken. At this time, the borrower should contact the mortgage lender to work out a for

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Certificate of Eligibility loans mortgage terminology definition

Certificate of Eligibility: You need this in order to prove your entitlement to participate in the VA Home Loan Guarantee Program. In order to get a Certificate of Eligibility, you should contact a VA-approved lender who, in most cases, can use the ACE sy

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Mortgage Broker loans mortgage terminology definition

Mortgage Broker: A person who takes the financial and credit information of people who are looking for a mortgage lender and facilitates the mortgage process by shopping for a mortgage loan for the borrower. You will usually pay a commission fee for the s

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